Gemini Files Confidential IPO Plans

CRYPTO
Gemini Files Confidential IPO Plans

The crypto IPO wave is gaining steam. Following Circle’s explosive public debut, Gemini—founded by Cameron and Tyler Winklevoss—has confidentially filed to go public, the company confirmed Friday. Founded in 2014, Gemini is one of the earliest U.S.-based crypto firms, offering a trading exchange along with custody and staking services. Though it trails competitors like Coinbase, it has remained a key player in the space.

Gemini’s track record has had ups and downs. Its Gemini Earn program, launched with Genesis during the 2021 bull market, collapsed when Genesis lent user funds to now-defunct firms like FTX and Three Arrows Capital. That failure triggered lawsuits and regulatory action.

Still, the Winklevoss twins are betting on renewed crypto optimism—especially under a potential Trump administration, which they vocally support. As Circle’s IPO sees massive gains, Gemini hopes to capitalize on momentum. The IPO will proceed once the SEC completes its review.

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ECONOMY
U.S. Jobs Data Meets Expectations

The U.S. added 139,000 jobs in May, roughly in line with expectations, according to Friday’s report from the Bureau of Labor Statistics. The unemployment rate remained steady at 4.2%. While job growth slowed slightly from April’s revised figure of 147,000, it wasn’t enough to push unemployment higher. Average hourly earnings rose 0.4% in May, stronger than forecast, with wages up 3.9% year-over-year.

The report followed a week of softer economic data, including a spike in jobless claims and weak service sector activity, raising market hopes for potential rate cuts. Ahead of the jobs data, Treasury yields fell and Bitcoin gained. After the report, the 10-year yield bounced back to 4.44%, and the odds of a July Fed rate cut dropped sharply from 30% to 16%, per CME FedWatch.

Bitcoin climbed above $104,000, and equity futures moved higher, with the Nasdaq up 0.8% and the S&P 500 up 0.75%.

FINANCE
Musk-Trump Feud Shakes Investor Confidence

Elon Musk’s public feud with President Trump is rattling investors, with concerns mounting over the financial health of both Tesla and SpaceX. Tesla shares have already declined, and some fear SpaceX—dependent on U.S. government contracts—could be next. Ross Gerber, a longtime Tesla investor, told Bloomberg that Musk’s recent behavior isn't aligned with shareholder interests and could slash SpaceX’s valuation by half.

The once-strong alliance between Musk and Trump has devolved into a bitter social media battle. Gerber warned that Musk’s conduct may spark investor lawsuits and said we’re witnessing the “dismantling” of Musk’s empire.

Tensions escalated after Trump hinted at cutting Musk’s federal contracts, suggesting it could save billions. In response, Musk briefly threatened to decommission SpaceX’s Dragon spacecraft.

The fight stems from disagreement over Trump’s latest spending bill—Musk publicly called it a “disgusting abomination,” reigniting debate over federal spending and Musk’s controversial cost-cutting legacy.

ECONOMY
Kevin O’Leary Mocks Shorter Workweek

Investor Kevin O’Leary isn’t buying into the growing push for a four-day workweek. In a Fox News interview, he laughed off the idea, calling it “the stupidest” he’s ever heard. Instead, O’Leary says the modern workplace is project-based and deadline-driven: “There’s no such thing as a workweek anymore.”

While O’Leary allows remote flexibility for his staff, he doesn’t support reducing the number of working days. “Let the French go to a two-day workweek,” he joked, “and we’ll beat them globally.”

Still, others see value in the shift. Companies like Exos report boosts in productivity and reduced burnout after implementing a flexible four-day model. Tokyo’s government has even introduced it to address work-life balance and child care.

Fellow Sharks also weighed in on workplace trends: Daymond John praised workers expressing dissatisfaction publicly, while Barbara Corcoran encouraged clear communication and firm numbers when negotiating raises.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.